Part VI Protection against Loss of Benefits under Contracts with Industrial Assurance Companies and Friendly Societies

59 Interpretation and extent of Part VI.

F1(1)

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(2)

In this Part of this Act, except where the context otherwise requires, the following expressions have the meanings hereby assigned to them respectively, that is to say:—

F2. . .

  • F3“collecting society” means a friendly society which—

    1. (a)

      immediately before 1st December 2001 carried on industrial assurance business, within the meaning of section 1 of the Industrial Assurance Act 1923, and

    2. (b)

      after that date is subject to an existing liability or a liability which may accrue under a policy effected in the course of that business to which the provision of this Part apply;

  • “friendly society” has the meaning given by section 116 of the Friendly Societies Act 1992 F4;

  • “industrial assurance company” and “company” means a person other than a friendly society who—

    1. (a)

      immediately before 1st December 2001 carried on industrial assurance business, within the meaning of section 1 of the Industrial Assurance Act 1923, and

    2. (b)

      after that date is subject to an existing liability or a liability which may accrue under a policy effected in the course of that business to which the provisions of this Part apply;

  • “ombudsman scheme” has the meaning given in section 225(3) of the Financial Services and Markets Act 2000;

    “owner” means, in relation to a policy effected with a friendly society other than a collecting society, the person who is for the time being the person entitled to receive the sums payable under the policy on maturity, and means, in relation to a policy which has been forfeited, the person who would be so entitled if the policy were still in force;

    “policy” includes a contract of assurance in respect of which no specific document constituting the contract is issued;

  • F5“society” means, as the case may be—

    1. (a)

      a collecting society, or

    2. (b)

      a friendly society which is subject to an existing liability or a liability which may accrue under a policy to which section 55 applies.

    • references to a registered society include references to a branch of such a society;

    • references to forfeiture of a policy shall be construed, in a case where the policy provides that on a default in the payment of premiums the policy provides that on a default in the payment of premiums the policy shall be converted into a free policy for a reduced amount, as including references to such a conversion.

F6(2A)

References in this Act to section 23 of the Industrial Assurance Act 1923 are to be treated as references to that section as it has effect, notwithstanding the repeal of that Act, by virtue of the Financial Services and Markets Act 2000 (Consequential Amendments and Savings) (Industrial Assurance) Order 2001.

(3)

His Majesty may be Order in Council direct that this Part of this Act shall extend, with such expceptions, adaptations and modifications, if any, as may be specified in the Order, to the Isle of Man or any of the Channel Islands.